TMCnet News
Downgrade Alert for Safeway (SWY)Aug 23, 2012 (SmarTrend(R) Upgrades/Downgrades via COMTEX) -- Safeway (NYSE:SWY) was downgraded from Buy to Hold at Jefferies today. The stock closed yesterday at $15.96 on volume of 5.6 million shares, below average daily volume of 7.7 million. In the past 52 weeks, Safeway share prices have been bracketed by a low of $14.73 and a high of $23.16 and closed yesterday at $15.97, 8% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has declined 0.8%. Safeway Inc. operates a retail food and drug chain in the U.S. and Canada. The Company also has a network of distribution, manufacturing, and food processing facilities. Safeway's retail operations are located in California, Oregon, Washington, Alaska, Colorado, Arizona, Texas, the Chicago metropolitan area and the Mid-Atlantic region, British Columbia, Alberta and Manitoba/Saskatchewan. Safeway has overhead space with shares priced $15.97, or 18.5% below the average consensus analyst price target of $19.60. The stock should run into initial resistance at its 50-day moving average (MA) of $16.54 and subsequent resistance at its 200-day MA of $19.60. SmarTrend recommended that its subscribers protect gains by selling shares of Safeway on May 1st, 2012 by issuing a Downtrend alert when the shares were trading at $20.37. Since that call, shares of Safeway have fallen 21.6%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time. Write to Chip Brian at [email protected] --------------------------------------------------------------------------------------------- SmarTrend analyzes over 5,000 securities simultaneously throughout the trading day and provides its subscribers with trend change alerts in real time. To get a free trial of our trading calls and maximize your trading results, please visit http://www.MySmarTrend.com Get exclusive, actionable insight into how the market is expected to trend prior to market open with our free morning newsletter. Sign up at: http://www.MySmarTrend.com/signup |